Reliance group owners split the assets – Anil Ambani to get RIL and Mukesh Ambani to get Reliance Infocomm Reliance Industries owners Ambani brothers reached an ‘amicable’ settlement of the ownership dispute of Reliance group under which elder brother Mukesh will retain Reliance Industries Limited (RIL) and its Petrochemical venture IPCL while Anil gets…
The Chatterjee Group to Pull out of Basell Deal The Chatterjee Group has pulled out of the Basell acquisition. Access Industries will buy Basell through its Nell acquisition unit for $5.2 billion, including debt. BASF and Shell said that they agreed to sell Basell to a group led by Access, which included the Chatterjee…
Lukoil-Neftekhim to construct polypropylene plant in Russia based on UNIPOL® process from Dow The Dow Chemical Company and LUKOIL-Neftekhim announced that LUKOIL and Dow’s subsidiary, Union Carbide Chemicals & Plastics Technology Corporate, have signed a license agreement for Stavrolen to use UNIPOL™ PP process technology from Dow for a new polypropylene plant at Budennovsk,…
Dow Chemical and Westlake Chemical announce 2nd quarter earnings Dow Chemical Company Dow Chemical reported sales of $11.5 billion for the second quarter of 2005, a 16% increase compared with the same period in 2004. Net income rose 85% to $1,265 million, and earnings per share were $1.30, an increase of 81% compared with…
Total Petrochemicals to invest in polyolefin– increase in PP capacity Total Petrochemicals announced its plans to increase its polypropylene (PP) capacity significantly. Total will build a PP line at its La Porte, TX site or at another, undisclosed location, with a minimum capacity of 300 KT by 2008 or 2009. The company is planning…
Basell and Braskem sign Spherilene® process development agreement Basell Polyolefine GmbH and Braskem S.A. announced the signing of a cooperation agreement for the development of polyethylene grades produced using Basell’s proprietary Spherilene gas-phase technology. Under the agreement, joint development of new and improved Spherilene polyethylene resins will be carried out in Brazil at Braskem…
BP’s petrochemical subsidiary Innovene files for $1 billion IPO The petrochemical subsidiary of BP Plc, Innovene Inc., has registered for an initial public offering (IPO) on the New York Stock Exchange to raise $1 billion. In 2004, BP decided that it would either sell or float the business. According to the company’s IPO document…
FlexPO2005 Rescheduled for March 15-17, 2006 in Singapore – Mark Your Calendars We greatly appreciate the continued patronage of FlexPO2005. The program scheduled for September, 21-23, 2005 in Galveston, Houston, TX had to be re-scheduled due to hurricane Rita – an act of God, or God’s middle managers. We are rescheduling the program to…
BP’s olefins & derivatives unit, Innovene to be acquired by INEOS BP announced its plans to sell Innovene, its olefins, derivatives, and refining group, to UK-based INEOS. The $9 billion cash sale, subject to regulatory approvals, includes all of Innovene’s manufacturing sites, markets, and technologies. The sale is expected to be concluded early in…
Polyolefin producers announce third-quarter earnings Dow Chemical Dow Chemical reported third-quarter earnings under which it stated that the sales for the three months ended September 30 set a new third-quarter record of $11.3 billion, 12% higher than the same period in 2004. Net income rose 30% to $801 million, while earnings per share were…